Brookfield acquiring US$700m Localiza, Unidas assets in Brazil
Brazil’s largest car rental and leasing companies Localiza and Unidas have jointly closed a deal to sell 49,000 vehicles to Canadian asset management company Brookfield for 3.57 billion reais (US$697mn).
The deal, which equates to an average of US$14,224 per vehicle, is part of an agreement the two have made with local watchdog Cade. The shedding of these assets was a condition to approve the coming together of the two companies announced last December.
Brookfield is the owner of Brazilian vehicle rental and leasing agency Ouro Verde which now has a fleet of approximately 87,000 vehicles.
The sale was also being eyed by local competitor Movida, now ranked No. 3 in the country with some 192,000 vehicles. After the sale, the Localiza and Unidas group has approximately 450,000 vehicles.